$537 MILLION AUCTION SUIT SETTLEMENT OKD

A federal judge has given final approval to a $537 million settlement of lawsuits brought by customers of Sotheby's and Christie's auction houses in a price-fixing case.

Until Friday, U.S. District Judge Lewis Kaplan had withheld final approval for several weeks because the deal blocked people from being able to sue in U.S. courts for auctions that occurred overseas.

In granting approval, Kaplan said the settlement was "fair, reasonable and adequate" because lawyers agreed that suits stemming from auctions abroad would be allowed unless an appeals court decides otherwise.

Steven Alan Reiss, a lawyer for Sotheby's, said payments could go to customers of the auction houses within months if there are no additional legal challenges to the approved deal.

"We're pleased the judge approved the settlement. It is settled," Reiss said. "If no one else appeals, payments could go out rather quickly."